How Much Does Auto Insurance Cost in Memphis?


Whether you are heading down to Beale Street or simply commuting to work, having the proper coverage on your vehicle is incredibly important. Tennessee requires certain amounts of liability coverage such as property damage liability or bodily injury liability to keep you protected in the event of an accident. Unfortunately, insurance premiums in Memphis are 27% higher than the state average.


If you are searching for cheap car insurance in Memphis, it pays to know how car insurance companies determine rates. We have looked at how car insurance rates in Memphis compare to premiums nationwide and offered up some tips on how to save on auto insurance in Memphis.


INSURANCE PRICES: MEMPHIS VS. US/STATE MEAN
City AverageState AverageNational Average
$1,793$1,412$1,569


Memphis Car Insurance by Violation or Accident History


Do you have an accident or violation on your driving record? That can have an impact on your prices on car insurance. Your driving record is a vital source of information that your car insurance company will use when putting together your policy. If you have a driving history full of accidents that have caused property damage or injury, you can expect to see your car insurance rates rise. Similarly, infractions such as moving violations and DUIs can also increase the cost of your vehicle coverage. Just how much does a sub-par driving record impact how much you pay for your insurance policy?


In Memphis, drivers with a DUI have rates 47% greater than the city average ($1,793). Reckless driving will bump your rates up as well, with typical rates of $2,704. That is 51% higher than the city average! The severity of an at-fault accident influences insurance rates. Compared to at-fault accidents with damages less than $1,000, accidents with damages exceeding $2,000 cost you an extra $85 per year in premiums. Therefore, one of the keys to finding cheap car insurance could be keeping your driving history as clean as possible.


AVERAGE MEMPHIS INSURANCE RATES AFTER A VIOLATION OR ACCIDENT
Incident/ViolationAverage Rate
DUI/DWI$2,628
Reckless Driving$2,704
At-fault Accident (damages less than $1,000)$2,421
At-fault Accident (damages greater than $2,000)$2,507
Speeding Ticket (16-20 mph over speed limit)$2,178


Memphis Auto Insurance by Age


Your age be an important determiner of how much you will pay for your policy. While there isn't much you can do about how old you are, it can be helpful to know how car insurance companies view drivers in your particular age group. So which group has the hardest time finding cheap car insurance?


Teenage drivers have the largest premiums out of all the age groups, with typical car insurance payments of $7,473. The most significant fall in premiums for Memphis drivers happens when they reach their 20s. Once out of the teenage age range, people reduce their premiums by $5,962. When drivers turn 60, they will experience a rate increase related to their age for the first time. Among all age groups, drivers in their 50s have the smallest insurance rates, with rates of $1,511/year. However, people in their 60s ($1,526) have premiums that aren't much higher.


MEMPHIS CAR INSURANCE PRICES BY AGE
AgeAverage Rate
Teenagers$7,473
20s$2,504
30s$1,750
40s$1,595
50s$1,511
60s$1,526
70s$1,677


Memphis Auto Insurance by Gender and Marital Status


Both marital status and gender can impact your car insurance premiums in Memphis. Rates for those who are widowed are marginally cheaper than rates for those who are single. Being married can save you roughly 7% per year on insuring your vehicle when compared to being single or divorced. Females have premiums that are a mere 1% cheaper than those for males.


MEMPHIS AUTO INSURANCE PREMIUMS BY GENDER AND MARITAL STATUS
Marital Status/GenderAverage Rate
Female$1,773
Male$1,793
Single$1,793
Married$1,671
Divorced$1,793
Widowed$1,768


Memphis Auto Insurance by Credit Level


Having good credit can save you a lot on your insurance policy. Your insurance company is almost certain to pull your credit history when putting your policy together. If it isn't in good shape, they are more likely to see you as a liability. Car insurance companies have found that those with poor credit are more likely to file a claim. Therefore, if you want to get better car insurance quotes, it can be beneficial to repair your credit.


Those with Very Poor credit (300-579) typically pay almost 3x as much each year on premiums than those with Exceptional credit (800-850). Drivers will see the largest drop in premiums when they raise their credit from Very Poor (300-579) to Fair (580-669). That change can save them $1,781 per year.


MEMPHIS CAR INSURANCE RATES BY CREDIT TIER
Credit ScoreAverage Auto Insurance Rate
Very Poor$4,041
Fair$2,260
Good$1,793
Very Good$1,598
Exceptional$1,462


What drives up car insurance rates in Memphis?

Where you live in Memphis affects your car insurance rates. Besides your driving history and credit score, where you live is one of the biggest contributing factors to the car insurance rates you'll pay. The reason? Crime, theft and uninsured motorists vary by zip code. So if you find yourself in a neighborhood that doesn’t play well with others, car insurance companies may consider you a high risk to insure, meaning: your rates could be higher than those of a pal who lives just around the block. And, unfortunately Memphis is no exception to the rule. From zip code 38018 to 38116, premiums rise by 19 percent—that’s $263.

Expensive Memphis Zip Codes: 38105, 38107, 38106, 38126, 38116

Cheap Memphis Zip Codes: 38018, 38137, 38138, 38135, 38133

Memphis Driving Conditions

Inclement weather goes hand in hand with wet brakes, slick roads & decreased visibility.

And that's not the worst of it. Each year there are more than 700,000 weather-related car accidents. In Memphis, you can expect 108 rainy days with an annual rainfall of 53.7 inches. Memphis is also known to experience thunderstorms and tornadoes. You can check on the condition of the roads anytime here.

108

Rainy Days a Year

54"

Avg. Annual Rainfall

4"

Avg. Annual Snowfall

Be Prepared For

Driving in Memphis

2
Major Highways
I-40 I-55 I-240
2
Toll Roads
U.S. 36 Express Lane
2
Popular Day Trips
Meeman-Shelby Forest Holly Springs Ghost River

Find Local Memphis Agents

Boshwit Brothers Mortgage Corp.

2595 Broad Avenue Memphis, TN 38112

Lipscomb & Pitts Insurance

2670 Union Avenue Ext , Suite 200 Memphis, TN 38112

Fred L. Davis Insurance Agency

1374 Airways Blvd Memphis, TN 38114

Farris Evans Ins.Agency

1568 Union Avenue Memphis, TN 38104

The Carter Agency

12 N MCLEAN BLVD MEMPHIS, TN 38104

Smith-Berclair Insurance

855 Ridge Lake Blvd Memphis, TN 38120

Boyle Insurance Agency, Inc.

5900 Poplar Ave. Memphis, TN 38119

Not sure about Memphis

Check out these other Tennessee cities...

Nashville

2

$1,498

The average Memphian's annual cost of coverage

2

40%

Our customer's average savings after comparing insurance

Revised

240

That's equal to 240 cups of coffee or $599 in savings

See How Much You Can Save in Memphis

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Recent Questions:

Memphis Car Insurance

If my husband is excluded from his sister's policy, is he still covered as a passenger?

Sorry to hear about your situation. The big question here is this: who was driving the car?

If I'm uninsured and the person at-fault for the accident is insured, how do I get my car fixed?

Nothing would change in the way the claim should be handled, as far as damages are concerned. Any trouble he is in for not having insurance would be a separate issue.

Will filing a claim for a $2300 increase my rates?

There are a few things to think about. Your comprehensive coverage would cover your windshield damage.

Can I file an uninsured motorist claim if I know the driver?

There are a few things to consider here. First, most companies require you to report any accident, no matter who is at fault or if you file a claim or not. Second, does your relative have insurance?